Africa is adopting crypto at a crazy rate, and so far, Nigeria and Kenya top the charts. In fact, a recent report by reveals they are two of the top 10 countries globally for crypto adoption (Kenya is 5th while Nigeria is 6th). Let’s take a look at a project that is helping to drive this trend, Bitnob.
Based in Nigeria, Bitnob is a platform that makes it easy for individuals and businesses to buy and save Bitcoin. Users access Bitnob through a mobile app that’s available for both Android and iOS. With staggering rates of inflation, Nigerians are always on the lookout for ways to save money, so it’s no surprise that platforms like Bitnob are really taking off.
Not only does Bitnob help people buy and hold Bitcoin, they also release free weekly educational webinars. These webinars teach people how to use Bitnob and everything they need to know about Bitcoin and investing. These webinars play a major part in Bitnob’s mission to help people achieve financial freedom.
Bitnob has some really nifty features including a referral program based on the concept of Ubuntu, a Zulu word that means ‘community.’ According to co-founder Adeolu Akinyemi
‘In Africa, we depend on each other, rely on each other and really need each other. It’s a concept called Ubuntu: when we are good, then I am good’
The program is designed to celebrate and reward Bitnob users and encourages them to spread the word about its efforts to lower the barrier to entry to Bitcoin.
With the referral program, users can earn cash rewards when they encourage their family and friends to sign up for Bitnob. To add a further fun twist to the program, there is also a leaderboard where people can earn points for the number of successful referrals they achieve. People on the leaderboard are known as Bitnob Ambassadors, and there are several levels they can attain including Bronze, Silver, Gold, Platinum, Diamond, Ruby, and MVP.
Another interesting feature of Bitnob is that it provides an easy way for users to Dollar-cost average (or DCA) Bitcoin. Dollar-cost averaging is an investment strategy used to reduce the impact of volatility when purchasing high-risk financial assets like stocks and cryptocurrencies. With DCA, you schedule regular purchases at a set amount. Using Bitnob, people can regularly buy as little as $1 worth of Bitcoin. There is also a handy Dollar-cost averaging calculator. This makes it easy for people to work out their earnings based on the current market value.
At present, it’s not possible to buy Bitcoin in Nigeria using a bank account. In February 2021, the Central Bank of Nigeria ordered banks to close the accounts of crypto traders.
However, Bitnob figured out a clever workaround to counter this problem using Ovvar vouchers, which are sort of like mobile phone top-ups. First someone must buy an Ovvar voucher from a vendor, which are apparently common in Nigeria. Once a voucher has been purchased, a code is sent directly to the purchaser’s mobile phone. They then input this code into their Bitnob account, and the money is transferred. Simple right?
Bitnob also offers NobCredit, which allows users to make use of instant crypto-backed loans. With NobCredit, users can take out flexible loans with zero hidden fees or penalties and use their Bitcoin balance as collateral. In this way, Nobcredit allows users to meet urgent financial obligations while continuing to HODL their Bitcoin.
As if all these cool features weren’t enough Bitnob, recently announced that they had successfully integrated the Lightning Network into their platform. On August 19th 2021, Jack Mallers Tweeted a video of himself sending money from his US bank account to Nigeria using Bitnob and the Lightning Network. The transactions took seconds!
So what does the Lightning Network mean for Bitnob? So through the integration of this revolutionary technology, Bitnob becomes a node within the network. This means it can connect to other Lightning Nodes for processing transactions. As a result, Bitnob users can easily send Bitcoin to other platforms and Bitcoin wallets that have Lightning Network functionality.
The Lightning Network means faster transactions, so Bitnob users can confirm deposits and withdrawals within a few seconds instead of several minutes.
In addition, the Lightning Network allows users to send smaller amounts of money that would not have been possible with the on-chain network due to high fees. This opens Bitnob users up to a new world of possibilities including paying for utilities, buying data, and performing mobile airtime top-ups.
Bitnob is just another example of one of the ingenious crypto projects operating out of Africa. With a large and educated population of young people and rampant financial instability, it’s no wonder why Bitcoin adoption is gaining pace in Africa.
36 thoughts on “Bitnob Changing Lives in Africa”
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